LOWER EASTERN SHORE, MD – The real estate market continues to trend upwards, with rising home prices and a lack of inventory dominating discussions. No doubt if you have tried to buy a home in the last few months you have found it challenging to say the least. There is hope on the horizon though. We are seeing a trend of more homes coming on the market than are being purchased, and that is a good thing for consumers.
In July our median price was $286,000, which is up 12.9% from July of 2020. We currently have only 545 active listings in the lower three counties, compared to 895 in July of 2020, and 1391, which is the 5-year average.
Overall, in the three counties, new settlements during July were down 24.3% compared to the same time last year. Individually, new settlements throughout July were up by 1.4% in Wicomico and 30% in Somerset, and down 36.5% in Worcester.
New listings in June were down 13.1% compared to the same time last year in all three counties. Individually, new listings were up by 6.3% in Wicomico, and 8.6% in Somerset, and down 23.5% in Worcester from July of 2020.
Active listings in all three counties were down by 13.1%. Individually, there were 303 active listings in Worcester, 179 in Wicomico, and 63 in Somerset. We had 895 active listings at this time last year.
The Median Cumulative Days on Market (CDOM) for July was eight (8), or 81% less than the same time last year.
“Inventory is still at historic lows and home prices are continuing to rise, but we have seen a glimmer of hope over the last few months, with more new listings being added to the market than new settlements,” said CAR President Joni Martin Williamson. “If we are going to get back to a more balanced market, then we are going to need to see more listings added to the market each month beyond what is being purchased. We need to get our inventory up to sustainable levels. We would like to see 8-12 months of inventory available for homebuyers.”
“For the last few months new listings have been greater than settlements and that is a good thing. If we can encourage new listings and new construction, we can make sure the market stays healthy and vibrant,” said Williamson.
CAR’s monthly local housing statistics are pulled from the Bright Multiple Listing Service, which represents the activity of over 1,000 local REALTORS® in Somerset, Wicomico, and Worcester counties, as well as 95,000 real estate professionals across the Mid-Atlantic region. The Bright MLS service area includes Maryland, Delaware, New Jersey, Pennsylvania, Virginia, Washington, D.C., and West Virginia.
Visit www.coastalrealtors.org for more information.
